OMCs cut diesel, petrol prices; excise duty hiked

OMCs have slashed diesel and petrol prices by Rs 2.25 and Rs 2.42 per litre, respectively, while the excise duty has been hiked by Rs 2 per litre

Excerpts from Reporter’s Diary on CNBC-TV18 Watch the full show »

In a major twist to the tale, the government on Friday cut petrol and diesel prices, just an hour after going ahead with an excise duty hike.

The oil marketing companies have slashed diesel and petrol prices by Rs 2.25 and Rs 2.42 per litre, respectively. However, the excise duty on the products was hiked by Rs 2 per litre – the fourth increase in three months.

The excise duty on unbranded petrol has been hiked to Rs 8.95 per litre, branded petrol to Rs 10.10, unbranded diesel to Rs 7.96 and branded diesel to Rs 10.25 per litre.

More to follow

IOC stock price

On January 16, 2015, Indian Oil Corporation closed at Rs 337.40, up Rs 1.40, or 0.42 percent. The 52-week high of the share was Rs 410.90 and the 52-week low was Rs 213.95.

The company’s trailing 12-month (TTM) EPS was at Rs 41.40 per share as per the quarter ended September 2014. The stock’s price-to-earnings (P/E) ratio was 8.15. The latest book value of the company is Rs 271.80 per share. At current value, the price-to-book value of the company is 1.24.